China Sunsine posts 7% rise in 3Q earnings to $15.9 mil on higher ASPs

China Sunsine posts 7% rise in 3Q earnings to $15.9 mil on higher ASPs

By: 
PC Lee
13/11/17, 10:44 pm

SINGAPORE (Nov 13): China Sunsine Chemical Holdings, the producer of speciality rubber chemicals and rubber accelerators, reported a 7% rise in 3Q earnings to RMB77.6 million ($15.9 million) from a year ago.

Group revenue rose 16% to RMB634.4 million mainly due to the increase in overall Average Selling Price offset by a slight decrease in sales volume.

China Sunsine says during the quarter, the central government conducted rigorous environmental inspections in Beijing, Tianjin, Hebei and the surrounding areas. This affected the production of a number of rubber chemical producers which failed to meet environmental protection laws.

“Due the short supply of rubber chemicals in China, our ASP increased by 25% to RMB18,541 per ton compared to RMB14,849 per ton in the previous corresponding period,” says China Sunsine, “However group’s production was also slightly affected despite the group being fully compliant with the relevant laws.”

3Q17 sales volume decreased by 7% to 34.908 tons from 36,797tons a year ago. Overall gross profit margin decreased by 1.4 percentage points to 26.8% from 28.2% a year ago, mainly due to the increase in raw material prices which were not fully passed on to our customers during this quarter.

In its outlook, China Sunsine says it is still waiting for the approval from the relevant government authorities for the trial run of the new Phase 1 10,000 ton high-grade TBBS production line. Management hopes to receive the go-ahead by the end of the year.

Meanwhile, construction of the new 10,000-ton IS (insoluble sulfur) production line in Ding Tao facility has been completed and is now undergoing machinery testing. A trial run application will be submitted to the authorities in due course.

Shares in China Sunsine closed 3 cents higher at $1.09 on Monday.

Boustead Projects records 2% dip in 4Q earnings to $5.7 mil despite revenue surge

SINGAPORE (May 23): Real estate solutions specialist Boustead Projects posted a 2% drop in earnings to $5.7 million for the 4Q19 ended March, compared to restated earnings of $5.8 million for 4Q18. This brings full year earnings for FY19 to $30.6 million, some 5% higher than earnings of $29.2 million a year ago. The group recorded earnings per share (EPS) of 1.8 cents for 4Q19, the same as a year ago. For FY19, EPS rose to 9.8 cents, compared to 9.1 cents for FY18. The decline in 4Q earnings was mainly due to lower gross margins in design-and-build projects and depreciation incurred o....
Read More >>

Sunpower wins $8.7 mil contract from repeat customer

SINGAPORE (May 23): Sunpower Group, the environmental protection solutions specialist, has signed a RMB43.56 million ($8.7 million) contract with repeat customer Zhejiang Petrochemical Co. Sunpower will provide high-efficiency heat exchangers for one of China’s largest domestic atmospheric and vacuum pressure units with an annual capacity of 10 million tons, which is part of Phase 2 of Zhejiang Petrochemical’s refinery and chemical integration project. The project is part of China’s 13th Five-Year National Petroleum and Chemical Plan. Sunpower started its partnership with Zhengj....
Read More >>

Sanli posts 28% drop in FY19 earnings to $2.2 mil on lower revenue; declares 0.25 cent final dividend

SINGAPORE (May 23): Environmental engineering company Sanli Environmental saw its full year earnings fall 27.7% to $2.2 million for the FY19 ended March, from $3.1 million a year ago. Earnings per share (EPS) fell to 0.83 cents for FY19, compared to 1.19 cents for FY18. FY19 revenue slipped 5.6% to $71.4 million, from $75.6 million a year ago. The decline was mainly attributed to the decrease in contribution from the group’s Operations and Maintenance segment, which saw turnover decrease by 30.6% due to increased competition. Gross profit dropped to $9.8 million for FY19, some 10....
Read More >>